Gov. Scott Considering Closing State-backed Insurer

By: AP
By: AP

TALLAHASSEE, Fla. (AP) -- April 25, 2011 -

WCTV will have more on the story this evening.

Gov. Rick Scott is looking at the possibility of closing the state-backed property insurance company.

With more than 1.3 million policyholders, Citizens is Florida's
largest property insurer for businesses and home owners.

Lawmakers now permit Citizens double-digit rate increases to
shore up the company's financial solvency and eliminate some
competitive disadvantages for commercial companies doing business in Florida.

The governor's office did not immediately return a phone message
for comment Monday about any plans on structuring a timeline to
abolish the state-backed insurer. The Office of Insurance
Regulation said it would not comment on Citizens' status.

A Tallahassee-based think tank, the James Madison Institute,
called on lawmakers in February to reduce Citizen's overall stake
by 60 percent over the next four years to help stabilize the
state's property insurance system.

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